Today, IT is considered as key enabler of operational excellence ranging from the enrichment of routine working tasks e. Complementing this primarily company-internal perspective on IT, we have recently have seen a massive growth of digital extensions of existing products and services across all industries.
The disruptive potential of IT has already transformed selected key industries, e. Large-scale information systems IS in organizations strongly interplay with work practices of individual employees as well as organizational structures shaping and being shaped by individuals' behavior.
Thus, successful implementation of IS requires dealing with transformation beyond technology. The ability to implement and use IS in a way supporting its overall value proposition has become a central success determinant. Online ISBN Print ISSN: Online ISSN: Primary MSC: 01 ; 19 ; 22 ; 46 ; 58 ; Applied Math?
MAA Book? Inquiry Based Learning? Electronic Media? Apparel or Gift: false. Online Price 1 Label: List. Online Price 1: Print Price 1 Label: List. Print Price 1: Online Price 2: Print Price 2: Online Price 3: Print Price 3: Bacso, M. Dietz and M. Taken together, these financial services innovations are forcing a reinvention of what it means to be a retail bank. Why all this entrepreneurial activity? Simply put, the potential rewards are enormous.
This ongoing disruption of the financial services industry is not an isolated exception. Digital competitors are entering all industries, creating a need for strategic responses by established businesses and by the early new entrants.
There is no room for operational errors, even as organizations strive to increase their pace of digital innovation. Economic exchanges in a market occurs.
Discrete market exchanges can occur between two people C2C, or consumer-to-consumer , two organizations B2B, or business-to- business or between an organization and a person B2C, or business-to- consumer. Successful markets bring two parties together such that each party is confident that the exchange will be evenhanded; that is, one party, the consumer, receives a sought value-unit at a fair price and the other party, the producer, receives fair compensation for delivering this value-unit to the consumer.
An efficient market exists when maximal opportunities are provided to producers and consumers to effect transactions with minimal transaction costs. When one or more of these conditions are present, the likelihood of market participation decreases and the likelihood of participant dissatisfaction increases. As the value-units being exchanged increased in complexity and sophistication as a result of the first specialized machinery and economies of scale and second railroads and telecommunication industrial revolutions, firms emerged as an alternative to markets.
Viewed simply, a firm or, an organization consists of a set of operating units coordinated and integrated by a hierarchy of managers, supported by other employees — all of which are located within an overarching organizational structure. Each operating unit itself has managers and workers engaged in specialized economic activities. And, the firm as a whole interacts with customers and suppliers within a market-focused ecosystem that, typically, engages multiple markets for goods and services.
Today, the distinctions between markets and firms are blurred via the emergence of two distinctive, market-focused ecosystems: the pipeline ecosystem and the network ecosystem. With the pipeline ecosystem the dominant ecosystem over the last century; depicted as Figure , a producer organization targets a collection of value-units at one or more consumer segments and fashions a linear value stream involving numerous upstream e.
This ecosystem is referred to as a linear value stream because it involves a sequence of value-adding steps: raw materials are assembled first into components and then into finished value-units. These value-stream steps are often performed by different organizations exploiting specialization , but may all be performed by the producer; such a producer is referred to as being fully vertically- integrated.
In a B2C pipeline ecosystem, the predominant consumer is an individual. In a B2B pipeline ecosystem, the predominant consumer is an organization. In addition, a variety of secondary markets usually B2B markets for raw materials, for component parts, for products to stock a retail store, etc. With the network ecosystem an ecosystem that has become increasingly visible over the last decade; depicted as Figure , a network of value-unit producers and value-unit consumers are brought together by a network orchestrator.
The primary market defining a network ecosystem involves value-unit exchanges between producers and consumers. The network orchestrator creates and manages the market environment and the transaction environment within which these value-unit exchanges occur. Importantly, the network orchestrator neither determines the nature of the value-units being exchanged nor owns any of the assets involved in producing these value-units. As a consequence, Walmart represents a pipeline organization, whereas eBay represents a network organization.
Digital technologies and humans differ markedly in the types of work tasks each best handles, and Table suggests the probability of different types of work tasks being performed digitally rather than being performed by humans. For example, think about how important it is during a brainstorming session to quickly filter out bad ideas, but recognize and enhance the good ideas. It is hard to conceive that a digital solution could outperform a human with such a work task.
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